Reinsurance News
Reinsurance renewals news
Reinsurance renewals are the key points in the year when the majority of reinsurance contract renewal negotiations occur and are completed.
The reinsurance renewal seasons provide insight into reinsurance pricing, contract terms, reinsurance market positioning and the direction of future trends in the market.
Key reinsurance renewals occur at: the 1st of January, which is the biggest renewal of the reinsurance year and has a broader global focus; April 1st when Japanese reinsurance renews; June 1st for Florida reinsurance renewals; and July 1st when more US reinsurance business gets renewed.
Our reinsurance renewals news covers all of these key points in the year and we also provide analysis and insight into what to expect at upcoming renewal seasons as well.
Headwinds curb positive marine rating movement: Willis Re
5th July 2018
Abundant capital across the marine space and continued pressures from both attritional losses and 2017’s hurricane trio Harvey, Irma and Maria is curbing pressure for upwards rating movement, according to Willis Re in its latest 1st View report. Additionally, regional catastrophe loss experience and specialism-specific performance have influenced renewal terms in ... Read the full article
Federated National Insurance rebrands to FedNat, renews quota share program
4th July 2018
FedNat Holding Company, formerly known as Federated National Holding Company, has rebranded Federated National Insurance Company, its largest insurance subsidiary, under the FedNat name, and has agreed to the terms of its new smaller quota share reinsurance programme for 2018-2019. The subsidiary, now known as FedNat Insurance Company (FNIC), changed its ... Read the full article
Reinsurers unlikely to earn back 2017 catastrophe losses: Deutsche Bank
2nd July 2018
Deutsche Bank equity analysts have suggested that global reinsurance companies are unlikely to earn back 2017 catastrophe losses as a result of insufficient rate increases at the January, April and June renewals, with further disappointment expected through July. Deutsche Bank analysts recently met with management of global reinsurance giant Munich Re, ... Read the full article
Florida leads price declines in disappointing mid-year renewals: Willis Re
2nd July 2018
Excess capital, the stabilisation of 2017 catastrophe loss estimates and benign loss activity so far in 2018 are driving a 'new normal' in property catastrophe reinsurance pricing, underlined by disappointing June/July property catastrophe renewals, according to Willis Re. The global reinsurance broker has released its latest 1st View renewals report, which ... Read the full article
Further disappointment for Jan 2019 renewal possible, says Morgan Stanley
2nd July 2018
After meetings with seven re/insurers (Arch, Axis, Hiscox, Nephila, PartnerRe, RenRe, and Third Point Re), Morgan Stanley has indicated that, in absence of large, unexpected losses or significant industry reserve issues, there's potential for further pressure at the key January 2019 renewals. Morgan Stanley points to an abundant supply of alternative and ... Read the full article
Neutral outlook for European reinsurers, pricing momentum to firm: Deutsche Bank
22nd June 2018
Hannover Re, Swiss Re, Munich Re and SCOR all experienced weaker-than-expected January/April renewals despite an impact of more than $100 billion from natural catastrophes in 2017, according to Deutsche Bank. Deutsche Bank's outlook has subsequently turned more cautious towards European reinsurance, taking a neutral stance from its previous positive view in ... Read the full article
2017 losses unmasked broader reinsurance price inadequacy: KBW
20th June 2018
The major hurricane and catastrophe losses of 2017 while not sufficient to significantly boost property catastrophe reinsurance rates, have unmasked the inadequacy of pricing more broadly across the sector, according to analysts. Reinsurance pricing did respond to the losses of 2017, but increases seen at the key January reinsurance renewals ... Read the full article
Most U.S commercial lines’ premium rates trending positively: IVANS
12th June 2018
The premium renewal rates for a majority of major U.S commercial product lines are trending positively, according to new data for the month of May, compiled by IVANS, a division of Applied Systems. IVANS Index results for May showed that the only major lines to experience a downturn in their premium ... Read the full article
Oxbridge Re successfully renews reinsurance contracts
8th June 2018
Oxbridge Re Holdings Limited has reported that its wholly-owned subsidiary, Oxbridge Reinsurance Limited, has successfully placed its reinsurance contracts for the treaty year of June 1, 2018 to May 31, 2019. The successful placement sees Oxbridge’s subsidiary deploy all of its capacity into renewal contracts for clients at June 1. Jay Madhu, ... Read the full article
Reinsurance price levels at risk of declining in 2019: Deutsche Bank
7th June 2018
Following meetings with large European reinsurers, analysts at Deutsche Bank have warned that the current pricing dynamics in the industry will result in a muted pricing effect through 2018 with the risk of rates declining in 2019. During Deutsche Bank's 2018 Global Financials Conference, global reinsurers suggested a need to scale ... Read the full article
Disappointing Florida renewals only justified if hurricane season is benign, warns Peel Hunt
5th June 2018
After reported, disappointing reinsurance rate increases of 1.2% at the Florida June property catastrophe renewals, analysts at Peel Hunt have said that increases at these levels can only be justified if the 2018 hurricane season proves to be benign. Following years of falling rates as a result of benign loss activity ... Read the full article
More modest-sized losses will do little to change market, says JMP Securities
4th June 2018
Despite 2017 catastrophe events resulting in one of the costliest years on record for insurers and reinsurers, the highly competitive and overcapitalised state of the market resulted in muted change, with a true tail event needed to potentially bring about more meaningful change, reports JMP Securities. Forecasters and experts are calling ... Read the full article
Negligible rate increases at June 1st, Florida RoL Index up just 1.2%: JLT Re
1st June 2018
Reinsurance broker JLT Re has said that rate increases achieved at the key June 1st 2018 reinsurance renewals were negligible, as the firms Risk-Adjusted Florida Property-Catastrophe Rate-on-Line (ROL) Index rose by only 1.2%. JLT Re's research found that only low single-digit reinsurance rate increases were seen at the June 1st 2018 ... Read the full article
Federated National completes 2018-19 catastrophe reinsurance programme
31st May 2018
Federated National Holding Company (FNHC) has completed its excess of loss catastrophe reinsurance programme for 2018-19, which will provide FNHC and its wholly-owned insurance subsidiaries, Federated National Insurance Company (FNIC) and Monarch National Insurance Company (MNIC), with $1.34 billion of reinsurance coverage in excess of $23 million retention for catastrophic ... Read the full article
Universal’s P&C subsidiaries finalise 2018-19 reinsurance programmes
31st May 2018
Universal Insurance Holdings, Inc. has announced that its wholly owned subsidiaries, Universal Property & Casualty Insurance Company (UPCIC) and American Platinum Property and Casualty Insurance Company (APPCIC), have completed their 2018-19 reinsurance programmes. Private participants in the reinsurance programmes include Nephila Capital (via Allianz Risk Transfer), Everest Re, RenaissanceRe, Chubb Tempest ... Read the full article
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